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Infotech Enterprises acquires Time to Market
By siliconindia
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Tuesday, 09 September 2008, 23:59 IST
Bangalore: Infotech Enterprises, an IT service provider, has acquired California-based design service provider Time To Market (TTM), a provider of ASIC design and embedded software solutions TTM.
Infotech provides services in various sectors such as aerospace, automotive, energy, government, marine, rail, Retail, telecom and utilities. The company employs over 7300 people specializing in engineering services, geographic information system (GIS) and IT services.
TTM started its India Operations in 2000 as a VLSI training center, the first in India to offer an industry-oriented course in IC Layout Engineering. The company has 40 engineers in San Jose, CA, USA and another 80 in Hyderabad and Bangalore. TTM will now become part of the newly created Hitech vertical at Infotech under the leadership of Bhanuprakash Cherukuri, Senior Vice President. The vertical will focus on U.S. markets and leverage its recent entry into Japan in the near term.
"Hitech sector is an important growth market for us. Infotech will pursue other organic and inorganic opportunities to address the whole spectrum of the Hitech Industry. We have reviewed a number of strategic options and decided on TTM. The niche and cutting edge technical expertise and the strong customer endorsements and relationships led to our decision in favour of TTM. The work they are doing in the 65 nm design process is very impressive," said BVR Mohan Reddy, Chairman and Managing Director of IEL.
A NASSCOMBAH report on design engineering services finds that the global engineering spend on Hitech design services stood at $170 billion in 2004 and is estimated to reach $ 300 billion by 2020. The potential in Hitech industry for off shoring is estimated in excess of $15 billion by 2020.
